Trading is as simple as ABCD

Quoting clivepackham

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Wow!! Knocked off again!!!! This is a tricky day for me so I think I'm going to have to call it quits for this mornings session... Taken 11 entries and been knocked off of most of them at BE, just not my day plus its way past the best time to trade although I will say the price action is still lively today.. Had a couple of small winners but a couple caught me too so a net loss of 5% today which considering the market I was trading I'm very happy with. Could of avoided one of those losers at least just used breakout trade for entry and man oh man...

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Quoting Vantage

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{quote} Hi Clive gbpauds big move happened too early for me and once it hit +100 pips run down that was likely to have been it for a while, so no choice other than to sit out for me. In the absence of any decent move up likely US will follow London direction down, at least thats what I'm hoping. I sold a little earlier at 1.8305. This is right around the Thur/Fri lows but TT showing gbp weak against many crosses. So hopeful.

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Quoting clivepackham

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Nope another BE well never mind. Gonna stand aside for a bit let the NYO open pass as price jumps about a bit then when the dust settles see whats what??? I think you could be right MR V. GBPAUD could be going down for NY session but I'm gonna have a cuppa first then have a looksee....

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Quoting JackAntigua

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Hello Clive, I'm enjoying reading your thread although personally I don't trade 1 min charts as I think I'd get myself into all sorts of bother (even more than I do now!). I was thinking about the perennial problem of trying to maximise gains against the requirement to not give too much paper profits back and was wondering if you'd considered using something like illustrated in the attached which trails the stop based on the ATR, in this case set to 2. {image}

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Quoting clivepackham

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Ahhh I see Mr Capstones up at last, half way through the day.... Bet you think I should of grabbed some of those orphan pots don't you??? Well I did grab a couple but the others just looked so promising then wham, out for BE.... It was quick today and no real follow through for me to grab anything sensible, mind you that GBOAUD is oushing hard to go down thats for sure...

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Quoting capstone

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{quote} LOL, half way thru YOUR day, but you are 5 hours ahead of me. It was a long weekend... I do not think about what someone else should do in relation to FX. You have your strategy. I do know that singles win baseball games though. However, I do not understand why you were looking for a runner when you have a support line (zone), which proved itself, right below your sells. This would have made an excellent spot to take profit.

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Quoting clivepackham

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{quote} Hi JackAntigua Glad to hear you find my thread a good read, hope there's some useful information there too... That looks rather neat... So is it an ea that would automatically trail by a set number of ATR like this example of 2?? Looks really good doesn't it?? Would like to try it can you post it here?? Cheers Clive

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Quoting JackAntigua

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{quote} Hello Clive, It's an indicator I use in Tradestation but I trail my stops manually. I've included the eld and also the code in a word document in case it's possible to convert it to MT4. One thing that is quite useful is to add the indicator multiple times to see the effect of closer or wider stops. The attached screenshot shows stops based on ATR's of 1, 2 & 3 respectively for example. {file} {file} {image}

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Quoting clivepackham

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{quote} I've officially stated I am only trading the ABCD move and will take profits at D, but just find it so hard to actually do.

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Quoting capstone

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{quote} Well, if you are trading the ABCD pattern, you know that AB=CD, meaning there is a predetermined, measurable take profit. Why not use that?

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